Deutsche Bank Reiterates a 'Buy' on NETGEAR (NTGR); Adjusts Estimates & PT
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Price: $21.02 -0.38%
Rating Summary:
6 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
6 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Deutsche Bank reiterates a 'Buy' on NETGEAR (NASDAQ: NTGR), lowers price target from $45 to $35.
Deutsche analyst says, "Our latest checks on the name continue to point to healthy demand for the company in Asia and the Americas. However, demand in Europe is now a growing concern. On their last earnings call in July, the company noted they have seen no signals of slowing business in Europe. Importantly, the retail and distribution customers had not experienced a deterioration in credit conditions that might impede their ability to buy Netgear products..."
"Nonetheless, we think Netgear remains attractively priced. Despite our earnings revision, we remain above the Street for CY12 EPS. We think the Street is underestimating the company’s earnings leverage. Barring a massive deterioration to the global economy on par with the declines we saw in 2008, the company should be able to grow at a decent clip next year..."
Deutsche Bank adjusts earnings as follows: 1) FY2011E was $1.19 b and $2.51, is $1.19 b and $2.49 and 2) FY2012E was $1.36 b and $3.03, is $1.27 b and $2.72
For more ratings news on NETGEAR click here and for the rating history of NETGEAR click here.
Shares of NETGEAR closed at $27.00 yesterday.
Deutsche analyst says, "Our latest checks on the name continue to point to healthy demand for the company in Asia and the Americas. However, demand in Europe is now a growing concern. On their last earnings call in July, the company noted they have seen no signals of slowing business in Europe. Importantly, the retail and distribution customers had not experienced a deterioration in credit conditions that might impede their ability to buy Netgear products..."
"Nonetheless, we think Netgear remains attractively priced. Despite our earnings revision, we remain above the Street for CY12 EPS. We think the Street is underestimating the company’s earnings leverage. Barring a massive deterioration to the global economy on par with the declines we saw in 2008, the company should be able to grow at a decent clip next year..."
Deutsche Bank adjusts earnings as follows: 1) FY2011E was $1.19 b and $2.51, is $1.19 b and $2.49 and 2) FY2012E was $1.36 b and $3.03, is $1.27 b and $2.72
For more ratings news on NETGEAR click here and for the rating history of NETGEAR click here.
Shares of NETGEAR closed at $27.00 yesterday.
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